Fannie Mae (FNMA)

[temocat]

Curious is Bove credible or not, per news post today:
Are the valuations of Fannie Mae, Freddie Mac common shares too high?
Bove also argues that the common shares of the GSEs are overvalued, although once again, he says multiple assumptions can be made to estimate their value. Using what Bove calls "aggressive calculations" for net income, he estimates that Fannie Mae's common shares are worth $1.68, while Freddie Mac's common shares are worth $1.50. He also argues that whatever assumptions are made for Fannie Mae and Freddie Mac, "it is very difficult to derive a projected price for these stocks that is not below their current valuations."

Bove continues to believe that assuming the common shares of Fannie and Freddie will increase requires one or both of two assumptions.
1. They are that the GSEs can earn more than what he is suggesting or
2. that the capital rule will be changed and require them to issue less stock.
However, he added that both assumptions would be a stretch because he believes Fannie and Freddie are being restricted by the FHFA and notes that the capital rule has now been finalized.

So why would he make such a statement?